Ford has just issued a price increase on its 2011 model year vehicles, the third hike this year.
New manufacturer suggested retail prices have increased on average by 0.4 percent or $124, bringing the yearly total to 1.3 percent or $375. According to Ford spokesman Todd Nissen most automakers have, on average, increased their vehicle prices by one percent this year.
The move is in response to increasing raw material costs, particularly on steel and aluminum.
Other major automakers to announce price hikes in 2011 include Toyota and General Motors, with Toyota upping prices from 1.2 to 2.1 percent, while GM added on what amounts to an average 0.4 percent increase across the board.